Investment
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The lost decades for China in the 1950s, 1960s and 1970s look remarkably like the lost decades of Africa in the 1980s and 1990s. Poor land rights, weak incentives, incomplete markets and inappropriate investment portfolios. However, China burst out of its stagnation in the 1980s and has enjoyed three decades of remarkable growth. In this talk Rozelle examines the record of the development of China’s food economy and identifies the policies that helped generate the growth and transformation of agriculture. Incentives, markets and strategic investments by the state were key. Equally important, however, is what the state did not do. Policies that worked and those that failed (or those that were ignored) are addressed. Most importantly, Rozelle tries to take an objective, nuanced look at the lessons that might be learned and those that are not relevant for Africa. Many parts of Africa have experienced positive growth during the past decade. Rozelle examines if there are any lessons that might be helpful in turning ten positive years into several more decades of transformation.

Scott Rozelle (main speaker). Scott Rozelle is the Helen F. Farnsworth Senior Fellow and the co-director of the Rural Education Action Program in the Freeman Spogli Institute for International Studies at Stanford University. His research focuses almost exclusively on China and is concerned with: agricultural policy, including the supply, demand, and trade in agricultural projects; the emergence and evolution of markets and other economic institutions in the transition process and their implications for equity and efficiency; and the economics of poverty and inequality, with an emphasis on rural education, health and nutrition.

Alain de Janvry (commentator). Alain de Janvry is an economist working on international economic development, with expertise principally in Latin America, Sub-Saharan Africa, the Middle-East, and the Indian subcontinent. Fields of work include poverty analysis, rural development, quantitative analysis of development policies, impact analysis of social programs, technological innovations in agriculture, and the management of common property resources. He has worked with many international development agencies, including FAO, IFAD, the World Bank, UNDP, ILO, the CGIAR, and the Inter-American Development Bank as well as foundations such as Ford, Rockefeller and Kellogg. His main objective in teaching, research, and work with development agencies is the promotion of human welfare, including understanding the determinants of poverty and analyzing successful approach to improve well-being and promote sustainability in resource use.

Bechtel Conference Center

Encina Hall East, E404
Stanford, CA 94305-6055

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Faculty Co-director of the Stanford Center on China's Economy and Institutions
Helen F. Farnsworth Endowed Professorship
Senior Fellow at the Freeman Spogli Institute for International Studies
Senior Fellow at the Stanford Institute for Economic Policy Research
scott_rozelle_new_headshot.jpeg PhD

Scott Rozelle is the Helen F. Farnsworth Senior Fellow and the co-director of Stanford Center on China's Economy and Institutions in the Freeman Spogli Institute for International Studies and Stanford Institute for Economic Policy Research at Stanford University. He received his BS from the University of California, Berkeley, and his MS and PhD from Cornell University. Previously, Rozelle was a professor at the University of California, Davis and an assistant professor in Stanford’s Food Research Institute and department of economics. He currently is a member of several organizations, including the American Economics Association, the International Association for Agricultural Economists, and the Association for Asian Studies. Rozelle also serves on the editorial boards of Economic Development and Cultural Change, Agricultural Economics, the Australian Journal of Agricultural and Resource Economics, and the China Economic Review.

His research focuses almost exclusively on China and is concerned with: agricultural policy, including the supply, demand, and trade in agricultural projects; the emergence and evolution of markets and other economic institutions in the transition process and their implications for equity and efficiency; and the economics of poverty and inequality, with an emphasis on rural education, health and nutrition.

Rozelle's papers have been published in top academic journals, including Science, Nature, American Economic Review, and the Journal of Economic Literature. His book, Invisible China: How the Urban-Rural Divide Threatens China’s Rise, was published in 2020 by The University of Chicago Press. He is fluent in Chinese and has established a research program in which he has close working ties with several Chinese collaborators and policymakers. For the past 20 years, Rozelle has been the chair of the International Advisory Board of the Center for Chinese Agricultural Policy; a co-director of the University of California's Agricultural Issues Center; and a member of Stanford's Walter H. Shorenstein Asia-Pacific Research Center and the Center on Food Security and the Environment.

In recognition of his outstanding achievements, Rozelle has received numerous honors and awards, including the Friendship Award in 2008, the highest award given to a non-Chinese by the Premier; and the National Science and Technology Collaboration Award in 2009 for scientific achievement in collaborative research.

Faculty affiliate at the Center on Democracy, Development, and the Rule of Law
Faculty Affiliate at the Walter H. Shorenstein Asia-Pacific Research Center
Date Label
Scott Rozelle Speaker
Alain de Janvry Professor of Agricultural and Resource Economics, Goldman School of Public Policy, UC-Berkeley Speaker
Symposiums

Walter H. Shorenstein
Asia-Pacific Research Center
Encina Hall, Room E301
616 Serra St.
Stanford, CA 94305-6055

(650) 798-9129 (650) 723-6530
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Visiting Scholar
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James (Mingjian) Chen is the chairman of Hollyhigh International Capital, the first investment banking firm specializing in mergers and acquisitions (M&As) in Mainland China. He is also an adviser of the Beijing Olympics organization. Chen is a member of the liaison committee in the China National Democratic Construction Association, the chairman of the M&A Elite Club, as well as a member of the Fuping Foundation for poverty alleviation. He also serves as the chief editor of the China M&A Review, and has published Winning the Deal and M&A Revolution.

Chen graduated from Tsinghua University’s Department of Economics and Management in 1993. After graduation, he worked as a trader at China Great Wall Financial Company for several years. He then established Tsinghua Unisplendour and Hollyhigh Investment Company, in 1997 and in 1998 respectively. In addition to his work at Hollyhigh, Chen is actively engaged in M&A projects for international corporations, such as Lafarge, Shell, SK, and Scottish & Newcastle.

Chen’s deal between Teda and the Meilun Group was used as the first M&A case study at Tsinghua University. He has lectured at many renowned institutions, including Harvard University and the Economist Intelligence Unit.

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May 2013 marks the thirtieth anniversary of the Walter H. Shorenstein Asia-Pacific Research Center. Over the three decades of the Center’s existence, immense change has taken place in the Asia-Pacific.

The early 1980s were a time for tremendous, transformative ripples of social, political, and economic change in many Asian countries; many of those changes set in motion trends, institutions, and events that are prominent aspects of the Asian landscape today.

In Northeast Asia, China embraced market reforms and opened its doors to foreign investment and trade, setting the stage for its role as a contemporary global leader. Japan experienced the peak of its post-war boom, consolidating its role as a pioneer in technology and manufacturing. South Korea underwent a dramatic transformation that, paired with its rapid economic growth, created a regional powerhouse. Southeast Asia emerged from the shadow of war to become a region of economic tigers and emerging powers.

At Stanford, the Northeast Asia-United States Forum on International Policy and the Center for International Security and Arms Control (CISAC) were established in May 1983 as independent, but complementary, entities. The Northeast Asia-United States Forum later grew into the Asia/Pacific Research Center and, in 2005, was endowed as the Walter H. Shorenstein Asia-Pacific Research Center (Shorenstein APARC). The two centers still closely collaborate on research and events. In the ensuing three decades, Shorenstein APARC expanded its reach beyond core expertise on Northeast Asia to the fast-developing region of Southeast Asia and to South Asia, which has emerged as a new center of power in the Asia-Pacific. The Center has focused increasingly on the crosscurrents of growing economic, cultural, and institutional integration in the region alongside a troubling rise of tensions driven by intensifying nationalism.

Today, Shorenstein APARC boasts five vibrant programs focusing on contemporary Asia and engaged in policy-oriented research, training, and publishing: the Asia Health Policy Program, Japan Studies Program, Korean Studies Program, Southeast Asia Forum, and the Stanford China Program. It also takes great pride in its unique Corporate Affiliates Program, whose alumni roster of over 300 Asian business, government, and media professionals continues to expand. Rounding out Shorenstein APARC’s Asia expertise, its South Asia Initiative has produced many important publications and events for over a decade.

On May 2, 2013, Shorenstein APARC will celebrate its anniversary with a special public symposium exploring Asia’s transformation over the past three decades, developments in U.S.-Asia relations, and the trajectory of Shorenstein APARC’s own history. You are invited to join us in marking this historic occasion.

Panel 1: Asia's Rise

Panel 2: Shorenstein APARC's History

 Panel 3: Developments in U.S.-Asia Relations

Bechtel Conference Center

Symposiums
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The third annual China 2.0 conference at Stanford University will bring together thought leaders from China and the US to discuss the driving forces and global implications of the rapid growth of China’s internet industry.

Already home to two of the world’s top five internet firms by market capitalization, China is a launchpad for both innovative start-ups and global powerhouses. These firms are increasingly shaping the global digital economy.

Comprising 1 billion mobile subscribers, over half a billion internet users, and a high rate of smartphone adoption, China’s internet is now so pervasive that in sectors from communication and commerce to media and entertainment, it is a key driver of investment and innovation.

While state-owned players dominated China's offline world, entrepreneurs are in the driving seat online, fueled by an increasingly deep reserve of venture capital and private equity.

The combination of ideas, entrepreneurs and capital is helping blur the lines between online and offline sectors, and the boundaries between industry sectors in China.

Confirmed Keynote Speakers

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Robin Li

Co-founder, Chairman and Chief Executive Officer, Baidu

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Jon Huntsman, Jr.

Jon M. Huntsman, Jr.

Former US Ambassador to China and Governor of Utah

Li has led Baidu to become China’s largest search engine, with over 80% market share and a market capitalization of $40 billion. A pioneer and leader of China’s internet industry, he was named by Time magazine in 2010 as one of the “World’s Most Influential People” and in 2012 he topped Forbes China’s list of best CEOs.

Huntsman served as US Ambassador to China through April 2011 when he stepped down to run for the 2012 Republican nomination for President.  Twice elected as Governor of Utah, he also has served as Deputy Secretary of Commerce for Asia, US Ambassador to Singapore, and Deputy US Trade Representative. 

 

Other featured speakers will include internet industry pioneers and leading executives, investors and entrepreneurs from both sides of the Pacific.  Stanford faculty, researchers, students and alumni from the business and engineering schools will also actively participate.

Conference sessions will focus on key issues, such as:

  • How are China's internet players expanding into new markets both at home and overseas?
  • How are Silicon Valley firms shaping their global strategies for China, to tap opportunities there both as a market and a source of ideas and talent?
  • How are new partnerships among US and China companies fostering new engines for innovation?
  • What are the latest trends in China’s domestic and foreign venture capital and private equity investment landscape? Which sectors are over-funded and in which sectors will the next wave of entrepreneur-led market disruption emerge?
  • With the challenges facing firms such as Facebook, Zynga and Groupon in the US, are China's immune from a downturn due to differences in business models?
  • What innovations from hot sectors, such as mobile gaming, are on the horizon?

More information on the conference agenda, directions to the conference venue, parking information and media/press, please visit the conference website.

Any questions? Please email sprie-stanford@stanford.edu.

Knight Management Center
Stanford Graduate School of Business
Stanford University

Conferences
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Corporate Affiliate Visiting Fellow
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Bin Wang is a corporate affiliate visiting fellow at the Walter H. Shorenstein Asia-Pacific Research Center (Shorenstein APARC) for 2012-13. 

 From 1993 to 98, Wang worked for the Ministry of Electronic Industry of China (MEI).  At MEI, he was in charge of managing the Electronic Industry Development Fund, which invested in companies engaged in information technology in China.  He also participated in the research and formulation of industrial policy.  In 1999, Wang set up a high-tech company and served as its CEO.  The company specialized in developing embedded software and finally became the only provider of mobile payment solutions for China UnionPay.  This company was acquired in 2010 as a price of $47.5 million USD and generated over 100x returns for the initial investors.  Wang joined Infotech Ventures, a leading venture investment company in China, as a venture partner in 2010.  His current responsibilities include identifying potential investment projects in the IT industry and doing research in venture investment and entrepreneurship.  Wang received his bachelor's degree in management engineering from the University of Electronic Science and Technology and his master's degree in public administration from Sichuan University. 

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Corporate Affiliate Visiting Fellow
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Masashi Suzuki is a corporate affiliate visiting fellow at the Walter H. Shorenstein Asia-Pacific Research Center (Shorenstein APARC) for 2012–13.  Suzuki has over 11 years of experience in the information technology arena at Sumitomo Corporation, one of the major trading and investment conglomerates in Japan, and its subsidiaries.  His experience in the IT industry includes system development, project management, sales, business development and strategy planning. While at Stanford, Suzuki is researching the difference in the profitability and structure of IT businesses between the United States and Japan.  Suzuki is interested in applying his knowledge gained here to his work and overall helping to revive the economy in Japan.  Suzuki graduated from Chuo University with a degree in business administration.

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Corporate Affiliate Visiting Fellow
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Ryo Masuda is a corporate affiliate visiting fellow at the Walter H. Shorenstein Asia-Pacific Research Center (Shorenstein APARC) for 2012-13.  Masuda has more than six years of experience in media markets working for Sumitomo Corporation, one of Japan's major trading and investment conglomerates.  Most recently, Masuda worked for Japan's largest CATV operator, one of Sumitomo Corporation's affiliated companies, where he was responsible for business development.  Masuda graduated from Hitotsubashi University with a bachelor's degree in commercial science.

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William J. Perry, in a talk at the "Innovations for Smart Green Cities: What's Working, What's Not, What's Next" conference, explained how a lack of investment in energy research and development continues America's addiction to foreign oil. He illustrated how game-changing research and events could shake up the industry.
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This research area explores the national and international land and water laws that govern land tenure and property rights in sub-Saharan African countries, with the aim of understanding how large-scale land investments influence the tenure security, and therefore food security, of local farmers. The World Bank and others have identified a large agro-ecological region of African known as the Guinea Savannah as well-positioned for major agricultural development.

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Abstract

Mark C. Thurber, David R. Hults

National oil companies (NOCs) often behave in strikingly different ways from one another and from private, international oil companies (IOCs). Given that NOCs control about three-quarters of world oil reserves by equity share, their variation in corporate strategy has important implications for the world oil market. The recently released book Oil and Governance: State-owned Enterprises and the World Energy Supply, which we co-edited (along with our colleague, David Victor) and contributed to, explores the variation among NOCs through 15 detailed case studies and several cross-cutting pieces. Building off the research in that book, our aim in this essay is to discuss the differences among NOCs in their approach to risk

As described by Nolan and Thurber in Chapter 4 of our book, the notion of risk encapsulates both the likelihood of a negative outcome (e.g., of drilling a dry hole) and the loss that such an outcome would entail (e.g., the investment in an exploration well). Risks are pervasive in the oil industry because of the enormous sums of money on the line and the significant uncertainty around whether investments will prove successful. In this article we suggest that the goals of the state and its tools of governance may cause an NOC to tend towards one of three types of behavior: risk avoidance, risk taking, or risk management. Each of these three approaches to risk, we find, can be useful or counterproductive for the state depending on the context.

It can be useful for an NOC to avoid risk, as Sonangol has done, if its government is highly dependent on oil revenue, but this approach usually means that it must allow IOCs to shoulder risks if the oil sector is to thrive. Intelligent risk taking by the NOC, on the other hand, can help build domestic technological capability and may be a reasonable approach if the government has less need to maximize hydrocarbon revenue in the short term. Finally, commercial risk management by the NOC may be an appropriate model where the NOC has developed some competitive advantages and its government has few remaining expectations for the NOC apart from revenue generation. There is no “right” or “wrong” approach to risk for NOCs in a general sense. The goal of each government and its NOC should be to make sure that the way the NOC takes, avoids, or manages risk is of benefit to both the country and the NOC itself.

 

Link to article (free trial subscription available) => http://www.worldoil.com/June-2012-Risk-attitudes-shape-national-oil-company-strategies.html

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Publication Type
Policy Briefs
Publication Date
Journal Publisher
World Oil
Authors
Mark C. Thurber
David Hults
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